SEC Open to Reviewing Solana ETFs Proposals, Drawing Interest From Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital

The SEC's shifting approach has caught the crypto industry's attention, bringing speculation about what could come next.

The SEC appears interested in reviewing proposals for Solana ETFs, which has sparked interest from Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital.

This shift in the SEC’s approach has grabbed the crypto industry’s attention, leading to speculation about what could come next.

The SEC’s willingness to review Solana ETF proposals marks a shift from its previous stance. A year ago, the regulator was hesitant to approve crypto-based investment products. However, the approval of Bitcoin ETFs in January 2024 set a new precedent, making Solana a logical next candidate for institutional investment.

Chris Chung, founder of Solana swap platform Titan, called the SEC’s change in stance a “big about-turn,” saying that it could pave the way for Solana’s mass adoption. He pointed out, “The SEC has done a big about-turn on the Solana ETF from refusing to even entertain such an investment product to acknowledging Grayscale’s amended SOL ETF application” (source: Decrypt).

The SEC typically takes 21 days to review such filings, during which it can approve, deny, or extend the decision. Many analysts believe Solana ETFs could be approved within the year, though the exact timeline remains unclear. If given the green light, it would be a major milestone for Solana, similar to Bitcoin’s ETF approvals.

The growing push for crypto ETFs has gained momentum under the current U.S. administration, with the SEC forming a dedicated crypto task force.

Sheldon the Sniper predicts that Solana is on the verge of a breakout, potentially reaching new all-time highs with price targets ranging between $500 and $600 in the next rally.

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